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Mergers and acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the respective acquisition dates:
|  | As of August 15, 2020 |  | As of February 14, 2020
|  | Franklin Financial Network, Inc. |  | FNB Financial Corp.
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 284,004 |  |  | $ | 10,774 |
Investments |  | 373,462 |  |  | 50,594 |
Mortgage loans held for sale, at fair value |  | 38,740 |  |  | — |
Commercial loans held for sale, at fair value |  | 326,206 |  |  | — |
Loans held for investment, net of fair value adjustments |  | 2,427,527 |  |  | 182,171 |
Allowance for credit losses on PCD loans |  | (24,831) |  |  | (669) |
Premises and equipment |  | 45,471 |  |  | 8,049 |
Operating lease right-of-use assets |  | 23,958 |  |  | 14 |
Mortgage servicing rights |  | 5,111 |  |  | — |
Core deposit intangible |  | 7,670 |  |  | 2,490 |
Other assets |  | 124,571 |  |  | 4,795 |
Total assets |  | $ | 3,631,889 |  |  | $ | 258,218 |
LIABILITIES |  |  |  |
Deposits: |  |  |  |
Noninterest-bearing |  | $ | 505,374 |  |  | $ | 63,531 |
Interest-bearing |  | 1,783,379 |  |  | 26,451 |
Money market and savings |  | 342,093 |  |  | 37,002 |
Customer time deposits |  | 383,433 |  |  | 82,551 |
Brokered and internet time deposits |  | 107,452 |  |  | — |
Total deposits |  | 3,121,731 |  |  | 209,535 |
Borrowings |  | 62,435 |  |  | 3,192 |
Operating lease liabilities |  | 24,330 |  |  | 14 |
Accrued expenses and other liabilities |  | 12,661 |  |  | 1,754 |
Total liabilities assumed |  | 3,221,157 |  |  | 214,495 |
Noncontrolling interests acquired |  | 93 |  |  | — |
Net assets acquired |  | $ | 410,639 |  |  | $ | 43,723 |
Schedule of Purchased Credit-deteriorated Loans |
|  | As of August 15, 2020 |  | As of February 14, 2020
|  | Franklin Financial Network, Inc. |  | FNB Financial Corp.
Purchased credit-deteriorated loans |  |  |  |
Principal balance |  | $ | 693,999 |  |  | $ | 18,964 |
Allowance for credit losses at acquisition |  | (24,831) |  |  | (669) |
Net premium attributable to other factors |  | 8,810 |  |  | 63 |
Loans purchased credit-deteriorated fair value |  | $ | 677,978 |  |  | $ | 18,358 |
Schedule of Pro Forma Financial Information (Unaudited) |
|  |  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Net interest income |  |  |  |  |  |  |  | $ | 338,092 |  |  | $ | 348,660 |  |  | $ | 220,269 |
Total revenues |  |  |  |  |  |  |  | $ | 654,374 |  |  | $ | 504,273 |  |  | $ | 354,258 |
Net income |  |  |  |  |  |  |  | $ | 65,135 |  |  | $ | 99,898 |  |  | $ | 78,762 |
Franklin Financial Network, Inc. |
Business Acquisition [Line Items] |
Schedule of Consideration Paid and Allocation of Purchase Price to Net Assets Acquired | The following table presents an allocation of the consideration to net assets acquired:
Purchase Price: |  |  |  |  |  |
Equity consideration |  |  |  |  |  |
Franklin shares outstanding(1) |  | 15,588,337 |  |  |  |  |
Franklin options converted to net shares |  | 62,906 |  |  |  |  |
|  | 15,651,243 |  |  |  |  |
Exchange ratio to FB Financial shares |  | 0.965 |  |  |  |  |
FB Financial shares to be issued as merger consideration(2) |  | 15,102,492 |  |  |  |  |
Issuance price as of August 15, 2020 |  | $ | 29.52 |  |  |  |  |
Value of FB Financial stock to be issued as merger consideration |  | $ | 445,826 |  |  |  |  |
Less: tax withholding on vested restricted stock awards, units and options(3) |  | (1,308) |  |  |  |  |
Value of FB Financial stock issued |  | $ | 444,518 |  |  |  |  |
FB Financial shares issued |  | 15,058,181 |  |  |  |  |
Franklin restricted stock units that do not vest on change in control |  | 114,915 |  |  |  |  |
Replacement awards issued to Franklin employees |  | 118,776 |  |  |  |  |
Fair value of replacement awards |  | $ | 3,506 |  |  |  |  |
Fair value of replacement awards attributable to pre-combination service |  | $ | 674 |  |  |  |  |
Cash consideration |  |  |  |  |  |
Total Franklin shares and net shares outstanding |  | 15,651,243 |  |  |  |  |
Cash consideration per share |  | $ | 2.00 |  |  |  |  |
Total cash to be paid to Franklin(4) |  | $ | 31,330 |  |  |  |  |
Total purchase price |  |  |  | $ | 477,830 |  |  |
Fair value of net assets acquired |  |  |  | 410,639 |  |  |
Goodwill resulting from merger |  |  |  | $ | 67,191 |  |  |
(1)Franklin shares outstanding includes restricted stock awards and restricted stock units that vested upon change in control. (2)Only factors in whole share issuance. Cash was paid in lieu of fractional shares. (3)Represents the equivalent value of approximately 44,311 shares of FB Financial Corporation stock on August 15, 2020. (4)Includes $28 of cash paid in lieu of fractional shares.
FNB Financial Corp. |
Business Acquisition [Line Items] |
Schedule of Consideration Paid and Allocation of Purchase Price to Net Assets Acquired | The following table presents the total purchase price, fair value of net assets acquired, and the goodwill as of the acquisition date.
Consideration: |  |  |  |
Net shares issued |  | 954,797 |  |  |
Purchase price per share on February 14, 2020 |  | $ | 36.70 |  |  |
Value of stock consideration |  |  |  | $ | 35,041 |
Cash consideration paid |  |  |  | 15,001 |
Total purchase price |  |  |  | $ | 50,042 |
Fair value of net assets acquired |  |  |  | 43,723 |
Goodwill resulting from merger |  |  |  | $ | 6,319 |

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